An analysis of insurance sector is accomplished which leads to detection of bottlenecks in the service being provided by key players in this sector. Dual aspects of liberalisation in this sector have been outlined. In addition to these analysis, authors suggested strategies to capitalise on market potential of insurance products.
A framework is outlined to determine the major players leading in the insurance market through primary and secondary data.
The introduced framework should be seen as a seed for further development and refinement. It highlights the loopholes and gives recommendations that would help marketer to improve its services.
This paper may help existing and prospective players of this sector in enhancing their capabilities and in knowing their weaknesses.
Changing market practices and customer taste and preference for product and services may enforce organisations to address STP concerns across organisations. The present practices may become insufficient and unsatisfactory from the prospective of the customers in the market.
This study makes a contribution to present an overview of Indian Insurance sector with its market structure; to present an introductory outline of major players in the sector and its market segmentation, and to analyze the comparative marketing strategies of various life insurance companies. The author believes that true learning organizations needs to realise the importance of the changing market patterns and customer preference.
Market structure, Segmentation, Customer perception, Marketing Strategies
